城乡要素市场分割、数字普惠金融与资源配置效率

Segmentation of Urban-rural Factor Markets,Digital Inclusive Finance and Resource Allocation Efficiency

数字普惠金融作为具有跨地域属性的金融工具在一定程度上能够缓解城乡二元结构对资源有效配置的阻碍。本文采用2009—2018年间的省际面板数据,通过FGLS模型进行实证分析。研究发现:城乡要素市场分割主要通过阻碍农村劳动要素向城镇转移以及城镇资本要素向农村转移等路径抑制资源配置效率的提升;数字普惠金融既具有直接的资源配置效应,又能反向调节城乡要素市场分割对资源配置效率的抑制作用。进一步分析发现,数字普惠金融的调节效应在使用广度、数字支持服务程度以及金融产品协同等子维度均得以明显发挥;同时,该调节效应在基础设施不完善、地区要素禀赋偏资本密集型以及失业率较高时仍然成立。

Digital inclusive finance,characterized by its cross-regional nature,can mitigate the impediments posed by the urban-rural dual structure to the effective allocation of resources to a certain extent.This study employs inter-provincial panel data from 2009 to 2018 and conducts empirical analysis using the Feasible Generalized Least Squares(FGLS)model.The findings indicate that the segmentation of urban and rural factor markets primarily hinders the enhancement of resource allocation efficiency by obstructing the migration of rural labor factors to urban areas and the flow of urban capital factors to rural areas.Digital inclusive finance not only exerts a direct impact on resource allocation but also has the capacity to counteract the negative effects of urban-rural factor market segmentation on resource allocation efficiency.Further analyses reveal that the regulatory effects of digital inclusive finance are notably evident in sub-dimensions such as the breadth of usage,the extent of digital support services,and the synergy of financial products.Moreover,this regulatory effect persists even in scenarios where infrastructure is inadequate,regional factor endowments are capital-intensive,and unemployment rates are high.